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Council awards gap funding to Fairview Terrace, de‑obligates stalled Sierra Vista funds
Summary
Stockton council de‑obligated $1.614 million from a stalled Sierra Vista Phase 3 allocation and approved $2.8 million in gap funding for Fairview Terrace so that the project can close on federal tax credits and begin construction. Council asked staff to bring presentations from all NOFA applicants before allocating remaining funds.
The Stockton City Council on March 31 de‑obligated $1,614,000 from a 2019 allocation for Sierra Vista Phase 3 and approved a $2,800,000 loan to Mutual Housing / Fairview Terrace to cover a gap created by lower-than-expected tax-credit pricing and construction-market changes.
Economic Development Director Tina McCarty explained the NOFA process, scoring by internal raters and an independent underwriting consultant, and an AI‑assisted ranking that…
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